CHICAGO: Chicago Board of Trade wheat futures spiked on Friday amid an uptick in demand for US wheat due to a weaker dollar and the availability of desirable new-crop wheat, traders said.
Corn and soy futures also rose on concerns over dry, hot weather disrupting the US crop during its crucial growing period. Trade remained light between the market’s closure on Thursday due to the US Independence Day holiday and ahead of the weekend, traders said.
“We have a low volume, technical trade,” Brian Hoops, president of Midwest Market Solutions, said. “A lot of the trade will not be around and will give themselves a four-day weekend.”
CBOT September soft red winter wheat closed up 16-1/2 cents at $5.90-1/2 a bushel. Most-active November soybeans ended up 8-1/4 cents at $11.29-3/4 a bushel. Most-active December corn ended up 4-1/2 cents at $4.24 a bushel.
The US Department of Agriculture released export sales for the US crop one day late following the holiday. Wheat export sales in the week ended June 27 totalled 805,300 metric tons for 2024/25, above trade estimates for 350,000 to 700,000 tons.
Demand for the freshly harvested US wheat crop is also attracting increased demand, traders said. “There’s usually more interest in wheat around harvest,” Hoops said.
“Buyers like freshly harvested wheat that’s moved right from combines to shipping ports to barges.” Forecasts for hot, dry weather in July is bolstering concerns over the domestic corn and soy crops during a crucial phase of pollination, traders said.
“We want cold temperatures and above normal moisture, but we’re going to get higher temperatures and dryness,” Rich Nelson, strategist at Allendale, said. Soybean export sales landed on the lower end of expectations and corn sales fell below a range of trade expectations.
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